The housing bubble persists. However, while home values continue to appreciate, the rate of growth – both year-over-year and sequential – is slowing.
- We analyzed Zillow data (Zillow Home Value Index): We analyzed zillow residential housing data for all 50 states and the District of Columbia across 22 years (January 2000 – June 2022).
- Click HERE for our Excel file.
- Housing benefited greatly from the Fed’s money printing: (See our Excel file for more detail.)
- A number of states enjoyed home price appreciation of approximately 50% or more from April 2020 (when the Fed introduced its COVID monetary expansion policies), through June 2022 led by:
- Arizona (61%), Idaho (57%), Utah (56%), Florida (56%), Montana (52%), Nevada (50%), Georgia (49%), North Carolina (49%) and Tennessee (48%).
- Median home prices across all 50 states increased by 35% from April 2020 through June 2022 – the period marked by fiscal and monetary stimulus. For comparison, median home prices increased by only 29% from March 2010 through March 2020.
- A number of states enjoyed home price appreciation of approximately 50% or more from April 2020 (when the Fed introduced its COVID monetary expansion policies), through June 2022 led by:
- Home values are cooling: (See our Excel file for more detail.)
- Home values are appreciating, albeit at a slower rate.
- The sequential percentage increase in average home values slowed in all but 12 states in June 2022.
- We would expect home values to decline as mortgage rates continue to rise and as the economy softens.
- 2011 was the last time many states saw a decline in home values.
- Home values are appreciating, albeit at a slower rate.